Hi, traders!
Bitcoin is confirmed for sub-$7,000 breakout if moves below $9,000 on bearish momentum.
At the end of June, Bitcoin might have been way overbought, and since then has been making a series of lower highs, telling us that the buyers were getting a little bit less enthusiastic.
Now, the price is very close to a significant support level at $9,000, and the downside risk of breaking below $9,000 remains high. If the price declines below $9,000 per Bitcoin, it will be confirmed to go back down toward $7,000 or even lower!
Interestingly, over the long term, I strongly believe that Bitcoin is a good ‘buy’ opportunity and remain bullish on Bitcoin . But, in the near term, the outlook seems to remain somewhat bearish for Bitcoin .
You can find the full price analysis and an active trade signal here: https://www.tradingview.com/chart/BTCUSD/rhUklevY-BITCOIN-Close-to-Big-Breakdown-Sub-7-000/
What do you think, guys? Can Bitcoin breakdown below $9,000?
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